by Peter Koenig
The ECB has just launched – effective 4 November 2014 – a new watchdog to control and regulate the European banking system. It is called the Single Supervisory Mechanism – SSM. It is supposed to monitor and reign in European banks that do not ‘behave’ in terms of overstretching their investment and risk lending as compared to their capital base.
In fact, the SSM is one pillar of the three pillar ‘security’ system put in place by the ECB and the European Commission – EC.
The Single Resolution Mechanism – SRM – is ECB’s strong arm to save or liquidate ‘troubled’ banks. In other words, it will administer ‘bail-ins’ to ‘too-big-to-fail’ banks in distress; meaning – over-indebted banks will rescue themselves from depositors’ money, or from shareholders. This practice was tested in Cyprus in 2013. As reported by Reuters on 30 July 2013 – According to Cyprus’s central bank, “47.5 percent of deposits exceeding 100,000 euros in Bank of Cyprus would be converted into equity to recapitalize the troubled lender as part of an international financial bailout for the island”.
This confiscating or stealing of depositors’ funds, also called the ‘haircut’ in the denigrating jargon of the Occident, is better known as a ‘bail-in’ – since it avoids the taxpayer, those who have been bearing the brunt in previous US and European ‘bail-outs’.
This atrocious predatory and outright criminal imposition by the infamous troika (ECB, EC, IMF), with no legal backing whatsoever, went largely without protests in the rest of Europe, it was shortly thereafter accepted by the EC as the new ‘norm’.
In one of his last proud statements before handing his job as European Commissioner to Jean-Claude Juncker, Manuel Barroso exclaimed – “The European Union intends to break the vicious link between sovereigns and their banks. In the future bankers’ losses should no longer become the people’s debt, putting into doubt the financial stability of whole countries.”
There it is. The ratification of the new ‘bail-in’ rule. It is surprising that there is no run of the European banks, as many of them are less stable than they were in 2008, at the onset of the man-made ‘crisis’. Bail-ins might be imminent.
The third pillar will be the Single Resolution Fund – SRF – a stabilization and rescue mechanism for banks facing bankruptcy. It is planned to become effective on 1 January 2016 – if – and that is a big IF – the necessary funding will be put in place by the member countries.
Pillars one and two are compulsory for the Eurozone countries and banks, some 6000 – which is a lot to supervise. The ECB has quickly declared that it – i.e. SSM – will directly monitor the 150 most important ones. The others will continue to be controlled by national mechanisms, whatever these are. They will be given strict regulations to follow by SSM with sanctions or fines if the rules are not followed – to make sure they will not stray.
Membership for non-Eurozone countries is voluntary. Remarkably, the UK has not (yet) volunteered for membership.
This is the biggest boost in ECB’s power since its creation some 16 years ago. ECB now sets all banking standards throughout Europe, according to which a bank may fall or rise. This is a clear infringement on the Eurozone countries sovereignty – one of the key principles to be maintained according to the Lisbon Treaty. There is no covenant in ECB’s regulations that would give it this power leverage. It is all self-serving – and the neoliberal leaders of the Eurozone countries go along with it –to the detriment of their constituency.
And let’s not forget, ECB is intimately linked to Wall Street, the FED and the IMF – Mario Draghi, the ECB President, is a former Goldman Sachs executive.
The SSM is a flagrant conflict of interest – and it looks like the financial czars of this western greed economy are getting away with it. For now.
An independent audit of all European banks, especially those 100 or 150 considered “too big to fail” – and including the ECB itself – would indeed be in order. – Independent means – the auditors would report to a special council of Eurozone countries – but independent of the European Commission. The special council would include representation from member countries parliaments, the banking, industry and service sectors, as well as civil society.
Of course – this is unlikely to happen, equally unlikely as an independent audit of the FED. That would mean transferring power to the people, to those whose money is at play, those who are really interested in a well-functioning banking system – not a predatory one as we know it today.
According to The Guardian, a recent stress test carried out by the ECB on some 100 of the largest European banks, 24, or one of five, failed (including 9 Italian and 3 Greek banks), leaving a hole of 25 billion euros in banking capital – which eventually may need to be bailed-in — if there are no bail-outs and the SRF is not yet functional.
Implementation of the SSM will be a point of no return for European banks, including for individual countries sovereign central banks. Until now, they were nominally free to print their own money. For example, Greece could have rescued them-selves by printing its own euros, instead of submitting to the draconian, literally killer conditions, imposed by the troika. But it didn’t, since the ruling elite in Greece was and is part of the scheme. As of now, there is no ECB rule that forbids a local central bank to print its own money – which in the Eurozone is the euro.
Europeans will be at the mercy of the ECB and through it, of Wall Street and the FED – the defunct greedy dollar based monetary system.
And why do the people not react? – Because they are on purpose misinformed, kept in the dark by the media. The new SSM is presented as a system that would protect them from future crises – when the contrary is true.
However, at least equally important and highly suspicious, is the timing of this new delegation of power for the ECB. The abrogation of Eurozone countries and their banks sovereignty is not coincidental. It comes at a time when a new west-east conflict, a new Cold War with Russia is being instigated by Washington and its European vassals.
ECB’s new strong arm, the Single Supervisory Mechanism, with its transboundary powers and disregard for national sovereignty is intent to hold the Euro system and its countries hostage against Russia, or the new Russia-China alliance. The new watchdog watches that none of them will stray – perhaps into the eastern camp of honest trading, into a new realm of economic prosperity and equality, where banking may serve the peoples development, instead of the accumulation of wealth for a few.
Remember, Mr. Xi Jinping, President of China, visited Germany in March 2014, to offer Madame Merkel participation in the New Silk Road – a new trading alliance from Germany, the western most borders, all the way to Shanghai, covering Russia, the former Soviet Republics, north-western and central China. An incredible potential for trade and development that can hardly be ignored. If Germany accepts, the strongest nation of the Eurozone, the rest of Europe will follow – follow a path of more security and independence than the current alliance with threats and sanctions from a warmongering White House will offer.
Washington is aware of this. They will hold no barrels to sow unrest and destabilize Europe to eventually justify a US intervention, more NATO, more CIA surveillance, more profit-yielding armament – and moving ever a step closer to Moscow. The new banking control mechanism is just an additional – but extremely powerful tool in this direction.
An alternative monetary system, detached from the predatory dollar scheme, will be a welcome means to peacefully counter this latest financial aggression.
Peter Koenig is an economist and former World Bank staff. He worked extensively around the world in the fields of environment and water resources. He writes regularly for Global Research, ICH, the Voice of Russia, now Ria Novosti, The Vineyard of The Saker Blog, and other internet sites. He is the author of Implosion – An Economic Thriller about War, Environmental Destruction and Corporate Greed – fiction based on facts and on 30 years of World Bank experience around the globe.
See how the nationalization of the banking/financial system becomes unavoidable. A hair-cut of national savings at wall street’s whim, as a way of Nation states being politically vulnerable by doing the same as a bail-out — the tax is to be imposed privately as they see fit.
All wages are paid into the banking system, I remember warning then of what this means in the long run and now it is here.
Governments need to be directly responsible for finance, the good decisions and the bad should not be left to those filling their pockets.
It should be clear now that finance (debt) is just an extension of the national treasury that at the moment is in private and incompetent hands.
I see the dis-info campaign called First Look Media is now dead and almost buried. After trying to get all the most prominent anti-establishment reporters to quit their old jobs and join this new way hard hitting destroy your career has been is now in the open.
It should have been a big red flag that a guy like Omidyar who made his money on the back of many investors would fight the very establishment that let him amaze that loot and a lot of smart people like Matt Taibbi fell for it. None of these oligarchs will fight the very thing that enables them. So is Greenwald a Patsy as well or is he just part of the dis-info group? We shall find out soon enough. One thing I have noticed is, no one of substance is allowed to rise to challenge the likes of the fascists in any way. There are so many ways to make sure everyoen toes the line. It is only the very small outlets like this blog which hardly anyone knows about that is allowed as a way to vent instead of going postal. All the other so called major blogs/outlets have budgets of less than a million. Which is less than what any of the MSM spends on their lawn. Look at the amount of trouble RT or PressTV have in just finding circulation. They dont need funding but they are not even allowed to air freely without hindrance. So much for free press and 1st amendment and all that bullshit.
Riddle me this: from my understanding Sweden suffered a banking crisis in the early 90s. The central bank stepped in and seized the banks, fired management, wiped out the equity holders, split bad assets from good, sold off the good assets first (as they were most able to support a healthy lending operation, privately run along with some recapitalization) and held onto the bad assets and liquidated them slowly as credit conditions improved at which time they were liquidated too.
To my mind that is the right way to use central bank authority and the power of emission implied by a central bank’s very existence to enforce discipline and responsibility.
Watching Europe over the last six years has been mystifying. Like the US there has been no disciplining of the fraudsters in management who were hoping to get a chair when the music stopped. Unlike the US (i.e., the Fed) they simply don’t seem to understand that the values they are managing are completely “situational” in value. It’s as if they think they are operating in a gold standard world. Like scoring a baseball game as if it’s golf.
I suppose one could argue that it’s down to a lot of other factors. Bundesbank ideology or what have you… But I’m still mystified by the panorama of intellectual confusion 6 years later. It’s like watching a group of apparently ship-wrecked people gnash their teeth and wail “if only we were not on an island!” when you can see a land-bridge clearly in the background right “over their heads” so to speak.
Obama will assassinate Merkel and occupy Germany if they leave the Euro for BRICS
Slightly off topic but germane
http://en.ria.ru/politics/20141107/195226018/Russia-Free-of-Nuclear-Related-Decisions-Made-Without-Its.html
Completely agree. Credit creation should be run on a public utility model – as Nassim Taleb and many other smart traders have argued – and their speculative activities quarantined from the payment system. This means that it can even be in private hands but only with strict supervision.
The fatal, incriminating move was the break-down of the wall between these two under Clinton (though both parties so owned that the front man hardly matters.)
HI Saker ! Thanks for the post…Peter Koenig is an interesting writer…I think he needs to be appreciated, as he was in the World Bank…I’ve liked his posts here…I really liked the one on Ebola too.
I had heard that story of the Cyprus Bank “bail-in” from a different angle…I heard that Cyprus is a tax haven and all these crooks were keeping their money in that bank…and the bank took it….I thought that was pretty funny…but I guess it works both ways.
Tim Owen wrote:
Riddle me this: from my understanding Sweden suffered a banking crisis in the early 90s. The central bank stepped in and seized the banks, fired management, wiped out the equity holders, split bad assets from good, sold off the good assets first (as they were most able to support a healthy lending operation, privately run along with some recapitalization) and held onto the bad assets and liquidated them slowly as credit conditions improved at which time they were liquidated too.
My response:
Many feared the Swedish government was doing the wrong thing at the time, but the project generated a surprisingly good profit. The banks were not exactly seized, but the government took control of them temporarily. The model was studied in Europe in 2008 and later, but I don’t think any country copied it.
And everybody in the EU just bends over and takes it up the McCain.
“If Germany accepts, the strongest nation of the Eurozone, the rest of Europe will follow – follow a path of more security and independence than the current alliance with threats and sanctions from a warmongering White House will offer.”
“If Germany accepts”…..are you kidding me? Germany is at the forefront of the US power base in Europe. They are the first ones in queue when it comes to advocating sanctions on Russia. They are the ones holding back the removal of sanctions as well. Germany is married to the EU and USA. Do not look to them for any kind of anti-Atlanticist action – indeed, look to them to support any move to strengthen ties with the US at least as long as Frau Merkel is in office.
Ukrainian TV: It was right for school children to be killed because they did not hold a pro-Ukraine position
http://varjag-2007.livejournal.com/7091405.html
Ann @ 05:45
Yes, some were crooks, but they got their money out well before the $h1t hit the fan.
I saw an interview with a retired Cypriot who had come back to retire after a lifetime working in Australia. 40+ years as a hotdog vendor, a spartan life & fortuitous home sale resulted in his having accumulated $1M for his retirement.
He put it in a Cyprus bank, and was effectively flat broke a few weeks later. His despair was palpable when he noted that he “went to bed a comfortable man, and woke up penniless”.
Ordinary Cypriots took the brunt of the “bail-in”. The money launderers and banksters got away clean.
Ukrainian journalist confirms school shelling from Ukraine army, when he expresses anti-war position he’s cut off TV
https://www.youtube.com/watch?v=g10mzIre274
Most APEC host nations organize the annual meetings in existing hotels and conference facilities. China has reportedly spent $6 billion on a purpose-built lakeside campus 40 miles outside Beijing and a new elevated expressway leading to the 595-room hotel, conference hall, and press center.
Now, as then, Liu says, “everyone is mobilized to meet the needs of a diplomatic event.”
The government has chased away air pollution in equally dramatic fashion. Only half of Beijing’s cars will be allowed on the roads each day between Nov. 3 and Nov. 12; more than 1,000 heavy industrial plants within a 120-mile radius of Beijing have been ordered to close; all construction sites have been suspended; and residents of Tianjin, a port city 90 miles east of Beijing, will not get any central heating until APEC is over.
The sky is blue, the air is clean, the traffic flows. And all because China is hosting the likes of Barack Obama and Vladimir Putin at a summit of the Asia-Pacific Economic Cooperation, Asia’s premier trade forum.
http://www.csmonitor.com/World/Asia-Pacific/2014/1106/Under-blue-skies-Beijing-rolls-out-a-red-carpet-for-Obama-and-Putin-video
“Russia’s ‘respecting’ elections in Donetsk, Luhansk republics does not mean ‘recognizing’ them – Kremlin”
https://twitter.com/ria_novosti/status/530691496182566912
These semantic gymnastics are rather pathetic. It turns out they can’t even acknowledge what they claim to respect. So much for respect.
I am sure the Putin sanctificators will have a convincing explanation about the profound wisdom of those statements.
The exchange equalization fund is the most powerful financial entity in the world, but has been kept out of the public eye. The Fed is its public mask.
http://www.larsschall.com/2013/09/28/the-organized-crime-banking-at-its-finest-show-4/
–Penelope
to get a notion of the whole nazizionist plan one must read the open confession by the mouth of the criminals themselves, so go to
http://blogs.timesofisrael.com/leaked-report-israel-acknowledges-jews-in-fact-khazars-secret-plan-for-reverse-migration-to-ukraine/
Cypus was picked for a number of reasons.
1st there were Mainland Greek Accounts for the simple reason that it was very near to Greece. Ordinary Greek businesmen could pop to Cyprus and deposit their money, without the Central (Foreign owned) Bank of Greece.
2nd The same reason for Russian Businesmen. It also had a reputation that it was a healthy Economy. BUT IT WAS BEFORE JOINING THE EURO.
3rd to Take any future Gas Deposits for Nothing. (Russians beware).
4th To leave them without any funds to protect themselves against their Dog of War Turkey. (See ISIS, Al CIAda, Al Nusra and could go on and on and on.
5th They are Orthodox , which means that they are suspects to join Russia, and by a chain reaction move the Mainland Greeks to do the same, and that can not be tolerated.
There is a long list that The Greek States Cyprus and Greece are the Natural Allies of the Russian People. And right now have a lot of common INTERESTS.
The Serbs can remember that it was only the Greek People fighting on their side in their war even though the Greek Government was agaist them. Conclusion : People cannot be left with money that they can misuse against their OVERLORDS of the “West”
Saker I would like you to Explore a future economic and Militay Alliance of the Serbs, Greeks and Russians and the Financial impact that would have on the Eastern Mediteranian and the Balcans, Bulgaria in my opinion is also a great possibility, I do not know anything for Romania.
The purpose of tools is usage, and usage depends on utility.
Utility depends on opportunity.
The danger of tools is that the holder of tools thinks he/she has tools and so tends to discount the tools of others.
http://www.globalresearch.ca/the-nsa-scandal-economic-espionage-against-germany-is-germanys-bnd-a-subsidiary-of-us-intelligence/5412279
http://orientalreview.org/2014/11/07/german-politicians-are-us-puppets/
Interesting little story on the Chinese TV news this evg. China announced a national literacy contest, sponsored by the national government, on Russian literacy. Both I and “she who must be obeyed” had a WTF moment.
This is the typical way the Politburo sends its message out to the populace. They are saying as plainly as it can be said “This is important, learn Russian”.
Incidentally, a couple months ago, the national govt dropped English literacy requirements for Chinese universities.
Asia pivot, anyone?
“I had heard that story of the Cyprus Bank “bail-in” from a different angle…I heard that Cyprus is a tax haven and all these crooks were keeping their money in that bank…and the bank took it..”
In my country it was portrayed as a taking of money from Russian/Putin’s (as if they were his) oligarchs. Here anti-Russian sentiment easily finds sympathy due to troublesome history with Russia, so maybe the anglozionist media chose a suitable angle to use..
“47.5 percent of deposits exceeding 100,000” means that those bank accounts are in the millions. It also means they are the gamers playing the system. So yea, let the degenerate gamblers pay for their losses. It is socialized losses. It is either that or tax them for every micro transaction. That will slow the degenerates down.
Re: Tim Owen.
Tim, I think you are confusing the Swedish banking crisis with that of Finland’s in the early 1990’s. It was caused due to the collapse of their large trading partner in the East and it was the current President Niinistö who dealt with it as Finland’s Finance Minister of the time.
Finland basically told IMF to go jump and they allowed the banking sector to fail where it needed and consolidate. It was tough on the country but it made the financial sector strong as a result. Sweden from my recollection suffered their crisis more recently and went with hat in hand to the IMF which has led to the destruction of the Swedish Social State and the usual privatization and “opening up” of their economy. The country as a result is dying even if on paper elements of their economy look good.
What I am abhorring is the IMF conditions for the loans to Ukraine stipulating the privatization of Farm Land to international Capital, the Opening up of Agriculture to GMO crops and then there is Bindon’s spawns Frakking crap to just rub salt on the wound. This will destroy Ukraine further but that seems to be the legacy of USA Empire. It is sort of like Midas Touch but instead of Gold we have Crap instead.
As for Banking, it must be a Public Utility with proceeds being for the good of society, not the Few. It must also be non Usurious and money it self needs to be redefined. As I have had read elsewhere, maybe money valued against a unit of energy like a Joule. After all, looking at Physics, what is work but the expension of energy over time. With technology also taking human labour out of labourious work, it is also time to rethink work for humans and rewards.
Personally I think a middle road between nationalised large firms in areas of economic activity that lend themselves to monopolisation with small to medium sized private enterprise where competition can be encouraged. With nationalised work enterprises, there has to be a semblance of accountability unlike public work sectors of old where people were just shuffled in their jobs, and also maybe part ownership of work by those working within with some reward incentives to encourage efficient work practices.
Just a few thoughts.
To Ann:
The Cyprus situation is actually not a good thing.
Briefly, Russians were using Cyprus as a tax haven. About a quarter of deposits belong to Russian business people and just ordinary Russians.
Remember Cyprus was a popular tourist spot for Russians so you have a lot of legitimate Russian businesses that open to cater to Russian tourists.
It is important to read this article to get a bit of perspective:
http://www.businessweek.com/articles/2013-03-18/behind-the-cyprus-tax-russian-deposits-and-a-suspicious-eu
Now the assumption was that all the Russian money was dirty, and if it was dirty it should be taken.
Read the comments from the article above, it will give you a good perspective that everyone knew that this wasn’t about Russian money being dirty but an over reach by the EU.
The other bad thing about all of this was, that if you had savings above $100,000 some of that savings could be taken to bail out the banks. Now before people start spewing how $100K is a lot of money ask yourself, is it?
Is the $100K cash, or is it savings which includes cash, retirement/pension, mutual funds, bonds and investments? When people put in such numbers it is important to think not in cash value but what that value actually represents. You quickly realize 100K is not a lot.
Back to Cyprus:
I think getting at the Russians was the dessert; the actual prize was setting the precedent to take ordinary people’s money, their deposits to bail out the banks.
“Just like the Canadian government did in March, and just as Europe, the USA and the UK have now done, the Australian government too is now beginning to make good on its 2010 G20 commitment to implement the Goldman Sachs-chaired, internationalist Financial Stability Board’s new regime for bailing out the banks using depositors’ money.”
http://barnabyisright.com/2013/07/10/australia-plans-cyprus-style-bail-in-of-banks-in-2013-14-budget/
This mini-war the EU/US is currently engaging with Russia is not about Ukraine. Ukraine is a tool, a footnote because this mini-war has been going on for some time, ever since Putin took power.
An interesting thing happened to this dessert:
http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus
Imagine how angry the EU/US were to discover this.
As for Putin … this is a speech he gave on the day before he was nominated by Yeltsin as acting President
http://pages.uoregon.edu/kimball/Putin.htm
He has been very consistent and he has been doing his best to protect his people.
I believe they have made the final move necessary to trigger an economic collapse of the euro. A crisis will be triggered in the financial markets. European banks will be allowed to use customer deposits to bail them out. They will authorise bail ins but this will fail as fear will force people into rushing the banks to remove deposits and or to convert savings into precious metals. The Currency will take a tumble. The Central Banks will be forced to intervene using capital and exchange controls. But will not have sufficient reserves to continue. It will devalue the currency even further. But it will be useless. The crisis will be exported around the planet. Tensions will rise. Small regional wars will take place. Futile attempts to solve the problem will see the govts and CB’s look to the IMF to provide SDR’s to prop up their diminishing reserves. The IMF will most likely have as a conditionality clause a demand that all future legislations passed in no way contravenes a UNSC or UNGA decision and a guarantee that the nations military will volunteer to participate in every humanitarian intervention that the UN agrees upon. The IMF’s new SDR will come to the rescue. Well the media will portray it this way never disclosing that it is now the new CB of the world.
——-
I always knew the dollar wasn’t it.
It was just over sold.
Too many experts.
Too little thinkers
The internet has changed the game
Information overkill
The slaves are getting too smart again
Time to impose control again!
For Babylon intends to rise again.
Her hiss pervaids the air.
And so I warn you she shall
Should we not remain vigilant.
They will plan to sink Europe
The heart of its power
Powers will shift
Jerusalem shall Rule.
But she shall only last as long
As the marching of her army
She shall only last as long
As her expertise keeps on churning
Destruction awaits her
These masters of deceit
For all corrupt systems
In time run out of lies to tell
Strong traditionalist cultures shall overcome
And the army of inequity shall feel disgrace
But oh you sons of the earth
Claim victory as your God’s
A destruction shall again follow.
Nb. I am not a poet or a writer or a prophet. I’m just stoned. Wanted to share.
Victor, I agree with you. “If Germany accepts, the strongest nation of the Eurozone, the rest of Europe will follow – follow a path of more security and independence than the current alliance with threats and sanctions from a warmongering White House will offer.”
I think Germany is lost for that matter and practically the rest of West Europe too. I see no solution for Russia than to look East, not much left to pick up in Europe. I suppose Putin is aware of that. The most aggressive defamatory campaign by MSM against Russia is already going on. I do not see what can stop it. Next target is China in the first place.
Erika said…@ 07 November, 2014 15:37
”
The Cyprus situation is actually not a good thing.
…..
The other bad thing about all of this was, that if you had savings above $100,000 some of that savings could be taken to bail out the banks. Now before people start spewing how $100K is a lot of money ask yourself, is it? “
Evaluation is a function of purpose.
The likely effects will be a jubilee for some and a realisation by others that they have no “investments” in the opponents’ system.
Extrapolations on the possible effects could include a variant of fascism or other chimera to frighten children, but as a man wrote a while ago, philosophers to date have merely described the world, the point is to change it.
For the majority of the population of the planet $100k is a lot of “money”, albeit fiat.
Every move of the opponents not only illuminates who are the opponents, but also facilitates opportunities of lateral challenge.
You reference Mr. Putin in 1998, but fail to place this in context, including banking in Russia and elsewhere.
I suggest doing so may add relevance to the comments above.
re: ECB—more articles on world economy please! On RT a Russian official was explaining how a low ruble was good for internal development and for exports, so why is the WSJ chortling about the “devalued” ruble? Maybe they think that the Russian 1% has as much power to screw things up in Russia to their advantage as they do in the USA? Do they want to keep oil prices low so their expensive , crap, fracked oil actually becomes competitive so they can get the European market away from Russian gas and oil?
Hungary is next in line for Maidan regime change, and immediate obedience whippings.
Hungary
http://www.nytimes.com/2014/11/08/world/europe/viktor-orban-steers-hungary-toward-russia-25-years-after-fall-of-the-berlin-wall.html?_r=0
President Orban of Hungary a Putinist!
Georgie Soros will have to spend a lot of shekels to keep his Hungary from going East.
The South Stream project is the key reason the Hegemon will upset Hungary. The Liberal Elite Rulers of the globe are desperate to stop the South Stream gas pipeline.
How dare a nation have sovereign thoughts!
re: Cyprus
The news about the Cyprus bail-in have been interpreted in different ways:
– a good thing because of black money owned by Russian oligarchs
– a bad thing because the bank customers were robbed
I would like to add my personal reaction to these events which is different from the above:
When you choose a private company to buy any product or service, shouldn’t you take some responsibility for your choice too and examine the company’s trustworthiness for example? If you bought a car from an unserious vendor because it had such a good price, can you stick the government for your losses and for your unreasoned greed? And if you choose say one of those banks in Iceland that promised 1-2% more why do you hold your government responsible for your decision? You chose this bank even though it seemed obvious that they couldn’t keep that promise – but you assumed that your government /had/ to bail you out so you would win in any case – at the expense of the taxpayer. In my personal case I changed my bank a few years ago and canceled my accounts with banks that speculated with customer’s money and went to a honest but solid strictly local bank (hm… I’m not a rich man so maybe this decision was easier for me… not sure).
But I guess you get my drift: I believe you have to take some responsibility for your choices too and cannot demand that the government reimburse you for all of your wrong or unreasoned decisions. But you live and learn … comments?
Oscar, you are correct in my estimation. Russia must ally itself with China, and wall itself off from the crumbling but maniacally aggressive Atlanticist Reich. In a few decades, after the EU has imploded and the Real Evil Empire based in Mordor of the Potomac followed Orlov’s phases of Collapse, if nuclear war or abrupt ecological collapse has not supervened, Russia and China might find some use for Europe, as a gigantic historical museum, say, if the coming social revolts have not destroyed too much of the tourist attractions.
Kolomoisky is a triple national – Ukraine, Israel and CYPRUS. just sayin’
While dual citizenship is supposedly not legal in Ukraine, it seems this is not policed. Kolomoisky once tols a reporter that there is no law against TRIPLE citizenship so he feels he is in the clear.
Erika at 15:37, thanks for that link to Putin’s speech of December 30, 1999. The mind of the man continues to impress me. What a rare and amazing national leader.
I see the relevance of this link is being questioned by Anonymous at 18:48. I found it completely relevant, reaching from all the way back then to his most recent comment at Valdai last month, about the rules of the game. I think I see as never before, how much Russia owes to the steadfastness of this man, who has held his country to the course he articulated almost 15 years ago. Thank you again. I also agree very much that $100k is not a lot of money, especially in the context being used in this discussion.
With a nod to NotSoFast at 21:59, I suppose people should beware of who they trust with their money, but on the other hand: let’s step back and say that banks repairing their malfeasance by levying the money of depositors is turning the modern world completely on its head.
Depositors used to lose their money because banks spent it and then couldn’t produce it when depositors asked for it. Now we’re saying that banks have made gambles on the strength of those deposits, and lost their gambles, but rather than go out of business and pay the deposits back – instead of this, they will make themselves whole by taking a piece of the depositors money, and continue in business as a solvent entity!
Where do we go to find the words even to talk about such a madness-inducing distortion of the meaning of things? Now the “caveat emptor” sign needs to be hung over the doors of all banks, but governments were once charged with regulating them in transparent ways so that such a sign was not necessary.
Money is the most sovereign of things, and yet at the beginning of this thread Barroso is quoted as saying the bail-in comes from this new “virtue” of breaking the link between sovereignty and bank debt. People put their money in banks not because they trust banks but in reliance upon government regulation of banks. And now we take away that sovereign connection. So who will put their money in banks anymore? No one, of course. There, NotSoFast, you have your answer, but in the transition zone where this new understanding becomes apparent, people like the retiree with a lifetime earnings of $1 million get wiped out.
I intended to write about the sovereign nature of money, as we discuss here from time to time, but somehow the rampant crimes of bad sovereigns still demand addressing.
Peter Koenig said, “An alternative monetary system, detached from the predatory dollar scheme, will be a welcome means to peacefully counter this latest financial aggression”
The Euro and the ECB are detached from the USD system! It was designed to survive the reset of when the USD ceases to be the world reserve currency. Koenig is a shill for the USD system of empire.
The ECB is designed to be free of a link to governments. Its mandate is to maintain a stable currency. It cannot preform this function if the banking system is controlled and manipulated by the individual governments in the EU.
Why hasn’t Greece, Italy, or Spain left the EU? A sound currency is more valuable than avoiding austerity!
There will be a financial crisis when the USD loses its role as the world reserve currency. There will be chaos in the credit markets and world trade will be disrupted for a time. The Euro is designed to bridge the reset gap.
The first line of the ECB balance sheet lists gold marked to market, rather than USD. Of course the IMF is part of the USD imperial system and will attempt to bridge the reset gap with SDR. This effort will fail as China, Russia, etc. will opt for gold as the reserve. This implies a much higher price for gold in USD terms. Gold will be acceptable as a unit of account and reserve asset in a MULTI-POLAR world.
The ECB will not allow the USD system to destroy Europe and the ECB. They will deploy their gold reserves marked to market and print Euro’s to facilitate stability of trade and credit during and after the reset.
Peter Koenig is a shill for the USD Empire. He obfuscates the nature of the ECB and the Euro because they are a direct threat to the USD SYSTEM, as there is an alternative currency and banking system in place so the reset collapse can proceed. The CIA, NATO, IMF control the governments of Europe; but not the ECB.
IF Peter Koenig’s divide and conquer USD strategy against the ECB fails, the AZ Empire world hegemony dream is finished and we will see the way clear for a MULTI-POLAR world order.
People should be thrilled to see the ECB bail in the rich, rather than tax the working class to make the transition from USD hegemony to a multi-polar system possible without world war or collapse into chaos.
Thanks Erebus…for the info about that poor man who went to bed comfortable and woke up penniless…
How horrible.
Hi Penelope !
“The exchange equalization fund is the most powerful financial entity in the world, but has been kept out of the public eye. The Fed is its public mask.
http://www.larsschall.com/2013/09/28/the-organized-crime-banking-at-its-finest-show-4/“
I asked Catherine Austin Fitts about this, as the black budget is her interest-domain … and she wrote me back to say that she’s been talking about that slush fund for over a decade…
Are you familiar with her website ? Solari.com
SAKER: Thank you for the Khazin video. It is very provocative in its promise of change. Dutch brings up the point that we don’t really understand what he means at 4:00: “China is saying, “You want to live with Europe. You are a European country. Therefore we will be taking care of your Asian territories and you don’t go there.” Can you help us?
Erika !
thanks for the links !! Especially the Putin speech.. I love Putin….
Thanks.
Ann
Bob Kay
Hi. I think your easy use of the word shill is rather rude. I don’t think you know if Peter Koenig is a shill or not.
PCR also respects Koenig…perhaps you think PCR is a shill too ?
Seems like too much criticism and not enough gratitude to people who have worked within the system and are now whistleblowers.
Perhaps you approve of Bradley Manning’s imprisonment too ? Some people think he’s a “traitor”…
Grieved said, “…let’s step back and say that banks repairing their malfeasance by levying the money of depositors is turning the modern world completely on its head.”
When the banking system failed in 2008 due to various control frauds the banking institutions were bailed out by the US tax payers. The United States Government forced taxpayers to make the banking institutions and their depositors whole. That is turning the world on its head!
Before the Age of Too-Big-Too-Fail Banks…. banks were allowed to fail and depositors were wiped out or after the thirties were made whole by the FDIC up to a certain level…now 250,000 USD.
The sovereign regulators and politicians have been captured by their cronies in the financial industry. The end will be collapse of the corrupt system and then everyone will be bailed in…like it or not.
This is the endgame of the USD Empire, which the EURO separated from government by its legal foundation, is designed to replace. The USD Empire realized the implications of the ECB charter far down the time line and are now in a damage control mode of trying to destroy the EURO, so the USD can survive a little longer as the control apparatus of a world empire. The men who created the ECB and EURO were old Europe and hated paying tribute to the AZ Empire of Wall Street and the City of London.
Jacque Rueff, financial advisor to Charles De Gaulle was the main architect of the ECB charter. He laid a trap for the USD when he severed the link between the currency and the sovereign and placed gold marked to market front and center as the reserve asset, eventually preserving the Euro as the USD inevitably sinks from its abuse by the so called US sovereign.
It is a long and fascinating story understood by Russia and China as they rapidly increase their gold reserves which are the nuclear weapon of currency wars. All USD denominated paper will burn in the reset! What will remain?
REGARDING THE SUBMISSION OF GERMANY TO THE US.
Two days prior to the enactment of the German constitution on 23 May 1949, a Secret Treaty (Geheimer Staatsvertrag) was signed, which gave complete Allied control over electronic and print media, film, culture and education until the year 2099.
As a result thereof, there are still 100,000 occupation troops in Germany; after 66 years there still has been no peace treaty concluded between Germany and the Victorious Allied Powers; and all of Germany’s gold reserves are held in the U.S. Federal Reserve Bank of New York, in which the Rothschilds have a 57% shareholding.
This treaty has been confirmed by Major-General Gerd-Helmut Komossa, former head of German Military Intelligence in his book “Die Deutsche Karte” (The German Card).
http://nsnbc.me/2014/07/11/germany-expels-u-s-spy-chief-opens-geopolitical-can-of-worms/
http://www.rense.com/general69/germany.htm
ANN: Yes, I’ve been to Catherine Austin Fitz website and heard her a couple times on Coast to Coast. I can’t seem to make head or tails of her positions on the issues. Probably I wasn’t patient enough.
http://www.larsschall.com/2013/09/28/the-organized-crime-banking-at-its-finest-show-4/“
is an introduction which gives yoou links to a mini-video series by the grandson of Frank Vanderlip, one of the founders of the Federal Reserve. Regards!
Agree with Bob Kay.
Euro has been under attack from start by one entity which has akways relied on europeans fighting amonst themselves so that country comes as heyna ti feast on half dead carcass of euripe. That country which is running a war againsy euro is England and Nati and Imf ate nothing but instument of english parasites to keep europe and germany fown and Russia out.
it is a war by english and 5 evil eyes agai st rest of world.
a war by anglos against all races.
a race war really.
anglos must be stopped by annihilating ability of english race to do any more damage to humanity.
The ECB is the first bank to sever the link between sovereigns and the emission of currency. Its mandate is price stability, It has other interesting features including gold as its primary reserve asset.
“The primary objective of the European Central Bank, as mandated in Article 2 of the Statute of the ECB,[2] is to maintain price stability within the Eurozone. The basic tasks, as defined in Article 3 of the Statute,[2] are to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to take care of the foreign reserves of the European System of Central Banks and operation of the financial market infrastructure under the TARGET2 payments system and the technical platform (currently being developed) for settlement of securities in Europe (TARGET2 Securities). The ECB has, under Article 16 of its Statute,[2] the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the amount must be authorised by the ECB beforehand (upon the introduction of the euro, the ECB also had exclusive right to issue coins)”
Wim Duisenberg was the first President of the ECB and one of its architects. He died under mysterious circumstances in 2005. It has been speculated he was terminated by the AZ Empire when it was realized the ECB and EURO were crafted to replace the USD tribute and control system. There is a struggle for control of the ECB by various factions contending for control of the ECB, but its formation by treaty and its structure makes it difficult to manipulate. It waits passively for the USD reset, making the reset more likely as there is a replacement currency up and running.
If you don’t like the USD system of empire, you probably won’t like the one prepared to replace it. I think it will feature multi-polar currencies, connected by gold as the reserve asset and method of settling trade balances. This implies a system which will be more difficult to manipulate by various interest groups, including governments, banks, labor, etc. It will enable a meritocracy with a government tethered by the inability to deficit finance war or social programs for special interest groups including corporations.
BOB KAY: Why do you say that ECB will not allow USD system to destroy it? I know it’s independent of EU and its governors vote by secret ballot & it really seems independent, but how can you be so sure that they are not just as corrupt or intimidated as everyone else?
Please expand your point.
There are rumors that China may have a great deal more gold than she acknowlendges.
I don’t think things can go on for very much longer w Russia & China just cowering and waiting to see what awful military thing US does next. Everywhere that China goes, US is sure to follow: In post-gaddafi Libya the first order of business was to cancel the Chinese oil contracts. The Chinese installations in Iraq will be bombed or taken over. And I think the ebola business was largely to send troops to checkmate Chinese presence in Africa. China is spending a fortune and having it laid waste everywhere.
bail-in is theft of creditors pure and simple, and overturns the sanctity of common law contract rights … typical of Euro bureaucrats to come up with such a scheme. Creditors lend money under certain agreed upon terms and conditions, namely they are first in priority for payment from the debtor’s assets, should the debtor go insolvent. Depositors are such creditors. Bail in overturns their contractual rights and turns them into equity and wipes them out. What should be permitted that badly run institutions fail, go into bankruptcy and are their assets are acquired by more competent owners. Now you have a bunch of bureaucrat regulators trying to tell banks, which are for profit businesses, how to run their business, which is akin to communist central planning, which will inevitably end in economic stagnation and and societal collapse. congratulations to the dip-shits who came up with this plan.
Negative interest rates in Germany for high value accounts
http://www.zerohedge.com/news/2014-11-04/it-begins-german-bank-charging-negative-interest-its-retail-customers
To think we’ve been told from childhood that banks are places that will keep your money safe.
Actually here in Australia they charge all sorts of administration fees even on tiny accounts. One bank tried to charge $2 for taking money out over the counter instead of from the AM machine (but that charges fees too). Eventually the Government had to insist the have no-fee type of account, so that pensioners would not be penalised by having their pensions paid into an account (which is the only way they pay pensions). So these accounts must have a low balance,and get 6 or 8 withdrawals a month without fees. Savings accounts supposedly pay interest, but you need about %10,000 in there for the interest to cover the monthly fees.
It is war, so what do you expect? The more interesting question might be why so many Russians can’t seem to understand that a large part of the West is against them. It isn’t simply the City of London. Russia is too big, too powerful, too unmanageable, and has too many resources. The Western business model is based on stealing resources from places like Africa, it is not based on paying market prices.
The other thing is that Russia might offer an alternative, and the dreamers of world dictatorship inside the West simply cannot allow any alternatives.
So the question is “What is Russia going to do about it?” And the related question goes to those in places like Greece, Serbia, or even France – “How can you break free, at least somewhat?”
Grieved said… @ 08 November, 2014 01:10
“I see the relevance of this link is being questioned by Anonymous at 18:48 (7th November). “
Perhaps you are engaging in obfuscation through misrepresentation.
As a contextual caution the main danger in notions of cui bono is that benefit is at least partly conflated with agency.
The context of the Putin speech which Erika said…@ 07 November, 2014 15:37 was in 1998 instead of 1999 was that it happened after the “Russian banking crisis” of 1998.
Some benefited from that “crisis”
including those enjoying jubillee, but some “suffered” including, various foreign banks, EBRD, IMF, World Bank and Western NGO’s.
No relevance was ever questioned or denied; the relevance was widened since there is some misguided notions afoot that the opponents’ hatred of Mr. Putin and friends started when he became President.
This obscures the 1994 realisations of the US Senate Foreign Relations committee and President Clinton that the opponents had been played from the mid 1980’s onwards subject to opportunity and utility, giving concommitant rise in hatred and actions from the opponents – the opponents always trying to finesse facts challenging their narratives.
As Mr. Bush liked to say – he was the decider – and it had utility to encourage such illusions.
The European Central Bank is extended tool of Natoist agains Russia.
@ Anon. 07 November, 2014 17:27
Good post, it makes sense what you say, but at this juncture we are at now I feel it can go anyway, last week wall street had a mini crash, but the world and Russia did notice it. they have hidden it well from the sheep who are clueless.
On the other hand, Russian debt is not personal debt, so it is not a issue for the people of Russia or China for that matter.
I think that the EU Japan or USSA are the only three places where a crash would begin, and it would be severe for them at first, but with the ME going into a hot war, like the USSA bombing an oil plant in Syria to take out a few of their own terrorists??? I mean what kind of logic is this? It is just an obvious push for war like in the Ukraine.
I think your poetry/song was good, if the weed helps you relax, that is your thing. I use beer, it works for me. Might as well drink up, load the rifle and be ready, it surely cannot be much longer?
“Up to 340 multinational agreements signed agreements with Luxembourg to pay less tax”
http://www.publico.es/dinero/554706/hasta-340-multinacionales-firmaron-acuerdos-con-luxemburgo-para-pagar-menos-impuestos
“Juncker, under pressure after the leaks on Luxembourg tax advantages to multinationals”:
http://www.publico.es/internacional/554820/juncker-bajo-presion-tras-las-filtraciones-sobre-ventajas-fiscales-de-luxemburgo-a-multinacionales
Pablo Iglesias on Juncker: “They’ve gone back to putting the fox to guard the henhouse”
http://www.publico.es/555047/pablo-iglesias-sobre-juncker-han-vuelto-a-poner-al-zorro-a-vigilar-el-gallinero
Penelope said…@ 08 November, 2014 03:40
It is true that that was the formulisation; a “leaked” message to the Soviet Union and various of the present opponents, however control was excercised a long way before that.
An interesting question to ponder – Where did Axel Springer get all that paper in 1945?
Gladio in “Germany” is a very illuminating field enquiries into which are to be encouraged.
I would suggest however you take due care not to conflate the opponents with Germany thereby minimising opportunities for lateral challenge – even the notion of the “German” state or of rechtstaats would tend towards that outcome.
Lastly it should be noted that the BND and associates are not homogeneous nor have ever been.
Persil didn’t always wash whiter.
Scraps, lies and tax havens:
http://blogs.publico.es/alfonslopez/9940/recortes-mentiras-y-paraisos-fiscales/
Dear The Saker,
Looks like the UK FT is stirring up their trashing of the Russian economy. The headline:
” Plunging rouble fuels Russian crisis fears Oil price and threat of fresh Ukraine conflict add to instability concerns…..”
They are stocking things up to try and destroy the economy in the international markets whilst the ECB does its evil…..
Regards,
Veritas
Evgeny Fyodorov, deputy of the Duma, is accusing the head of the Russian Central Bank of playing the AZs bid by allowing the continuing deppreciation of the ruble. Putin’s spokesperson, declined to comment on the grounds that he is not an econimst, while Putin holds a 1998 ph.d. in economics. If the RCB is to play for Russia, it is due time to kick them out of the RCB
Evgeny Fyodorov, deputy of the Duma, is accusing the head of the Russian Central Bank of playing the AZs bid by allowing the continuing deppreciation of the ruble. Putin’s spokesperson, declined to comment on the grounds that he is not an econimst, while Putin holds a 1998 ph.d. in economics. If the RCB is to play for Russia, it is due time to kick them out of the RCB. The Moscow Times is today reporting on this.
I would like to understand this turn of events better. What happened in Cypress illustrated both sides of the coin (that coin being to prevent casino banking while persecuting ordinary depositors above a certain level of their assets as I understand it.)
I want to understand this as I am sure if it ‘flies’ it will next be applied in the US.
Anonymous @ 04:31 says:
“…Now you have a bunch of bureaucrat regulators trying to tell banks, which are for profit businesses, how to run their business, which is akin to communist central planning, which will inevitably end in economic stagnation and and societal collapse…”
During the Savings and Loan crisis in the US, didn’t the bureaucrats (Bill Black was one) come in and place insolvent banks into receivership? That is, they did sort out assets and liabilities while keeping the bank running, sizing it down, going through the books, and it is my understanding this was a successful governmental oversight management process, one which should have been followed instead of the ‘bail out’ process. Isn’t the ‘bail in” still a bail out’ in this respect?
Huge fortunes have been made and were apparently protected in the case of Cypress, so certainly that wink-wink situation will be continuing. I would like to know why the casino banks are not being placed in receivership.
BOB KAY: Thanks for elaborating your presentation of the objectives of ECB. Apparently I was requesting more info at the very moment you were typing it.
I’ll think & research a bit about what you are saying. However, at the outset I note that in other countries also the gov may not emit currency, but only the central bank. (US, also Russia)
I have been negatively impressed by the existence of ECB as a limitation on the sovereignty of individual European states, their ability to use the usual financial processes of govt spending, interest rate changes, etc to mediate depression. I’ll think it over again. Thanks for a thought-provoking post.
Anonymous said…
“bail-in is theft of creditors pure and simple, and overturns the sanctity of common law contract rights … typical of Euro bureaucrats to come up with such a scheme. Creditors lend money under certain agreed upon terms and conditions, namely they are first in priority for payment from the debtor’s assets, should the debtor go insolvent. Depositors are such creditors.”
Anonymous, we are all against bail-ins (and bail0outs), but you are in error in your point. Depositors and NOT legally creditors. That’s what legally permits bankers to do this. What seems to you logical bears no necessary connection to the law.
PS Under name/url why don’t you give us a nickname. You don’t have to enter url.
Anonymous said…
“The European Central Bank is extended tool of Natoist agains Russia.”
Can you elaborate why you think so?
Do, please, get a nickname honey.
No, BOB KAY, I think ECB is not the savior but another villain. Here’s the poin of view of Michael Hudson http://michael-hudson.com/2011/12/europes-transition-from-social-democracy-to-oligarchy/
If one assumes that govt is automatically evil & should have no fiscal powers You are giving that power to private or corporate interests. But the people’s fiscal interests should be in the hands of the gov which represents them. It is not gov itself that is evil, BUT GOV AS CONTROLLED BY WALL ST & BIG CORPS.
Handing them all fiscal power, too, won’t help.
So,I really don’t know a great deal about banking.But it would seem to me that if a government decided after taking part in that system that they didn’t want to continue.Why couldn’t they just order their Central Bank to withdraw from it.I think that the system has built into our minds the idea that some things are sacred rules rules that have to be followed.While in reality that isn’t true. An example of that is from the Russian revolution.In that age the telephone and telegraph was the modern way to communicate.And the revolutionaries used them to issue instructions to their forces in various parts of St Petersburg.The owner of the private company that operated the service ordered his employee’s.Who in that time because you had to have skill to operate those machines,were middle-class,to go on strike.He hoped by stopping the communications to cripple the revolutionaries ability to control the city.Believing in the sanctity of private property in that age, he thought it would work.But the revolutionaries did the unthinkable for the mindset of that period.They sent a group of soldiers to the companies offices.They pointed rifles at the people there and said “work”.Communications restarted immediately.The point of the story is that the “sanctity” of rules is only there until it isn’t.If those governments wanted out of the system they could just stop following the system.
Uncle Bob
Oscar said- “Next target is China in the first place.”
I couldn’t agree with you more.If Russia falls they will go after China next for sure.I hope the Chinese are fully aware of that.It seems they aren’t willing to inconvenience themselves much to help.If my survival depended on having my neighbor guarding my land as well as his,I’d be willing to help him to the max.And not haggle over it.
Uncle Bob
SSM is a non-issue.
80% of German banking is S&Ls and credit unions below the € 30 bn threshold.
Let Bafin and ECB quarrel over the rest.
http://www.alt-market.com/articles/2394-we-have-just-witnessed-the-last-gasp-of-the-global-economy
“At the end of 2013, I predicted the Fed would indeed follow through with the taper of QE3, and that they would drastically reduce stimulus measures. I believe this is in preparation for a major implosion of U.S. markets in particular. The whole point of the taper is to support the illusion that the U.S. economy has recovered, and that the Fed has “accomplished its mission”. When a crash does take place, I think it will be ALLOWED to move freely and that new QE intervention will not be taken. I have no doubt this crash will be blamed on an outside force or act of fate (the ebola outbreak, which is doubling in cases every three weeks, is a perfect possible catalyst), and that banks will be absolved of all blame in the mainstream.”
I believe Russia was to play the role of spoiler and goat in the collapse of the global economy but Putin won’t play along. There still may be a false flag to try to pin it on Russia (Pakistan would also be a likely target) but the Russians are technologically advanced enough to defend themselves against that charge while Pakistan is not! Recommended reading.
@ Grieved
“Depositors used to lose their money because banks spent it and then couldn’t produce it when depositors asked for it. Now we’re saying that banks have made gambles on the strength of those deposits, and lost their gambles, but rather than go out of business and pay the deposits back – instead of this, they will make themselves whole by taking a piece of the depositors money, and continue in business as a solvent entity!”
This is not quite what I meant – I rather meant that a bank that loses depositor’s money for whatever reason should be in debt to those depositors – if it goes bust the bank should be liquidated and the remaining assets used to compensate all the creditors (including the depositors) as much as possible. If it survives it should reimburse the lost funds asap – inclusive some penalty. I believe that this was the idea used in Iceland – but I’m not 100% sure.
JP Morgan advised not to invest in Spain for the independence movement in Catalonia and direct intentions of vote for Podemos ( if there were elections tomororw, they would win ), whom they calls “radical left”.
Were not they, JP Morgan, prosecuted for fraudulent practices in USA?
The vultures are starting to get nervous…..
If you want to skip the intro by Lars Schall and go directly to the video about the Exchange Stabilization Fund, it’s here:
http://www.marketskeptics.com/2011/06/the-esf-and-its-history.html
This secretive agency is ABOVE the Federal Reserve and is the most powerful financial institution in the world.
………………………….
Penelope said…
No, BOB KAY, I think ECB is not the savior but another villain.
………………………….
Christoph said…
SSM is a non-issue.
80% of German banking is S&Ls and credit unions below the € 30 bn threshold.
Let Bafin and ECB quarrel over the rest.
…………………………….
SSM is a non-issue for the middle banking sector as they run honest banking business for small business in Germany. Now Deutsche Bank or Bank Santandar are owned by or are in partnership with the USD System of the City of London and Wall Street. Their profits are made by highly leveraged derivative trading and private lending to governments and large corporations. These activities are mainly predatory on the real economy and honest government spending.
The SSM is intended to reign in the money creating outlawry of the too big to fail USD banks infiltrating the EU. The ECB is not controlled by these predatory banking enterprises, but is established by treaty and law to prevent the the abuse of monetary activity by corrupt governments and/or profit seeking bank predators.
The ECB may be infiltrated by Mario Darghi as a Goldman Sachs double agent for the AZ Empire USD block, but he is constrained by law and treaty from aiding either the oligarchy or corrupt governments from abusing money to exact predatory rents via tax authority or deficit spending.
The austerity imposed on the EU countries is the result of the USD block of financial predators attacking the stability of the Euro. This war is carried out in the financial markets, media, and by blackmail and bribery. ‘Old Europe’, from before the Anglo-Zionist Empire conquered Europe in the last century, created the ECB to eventually free itself from paying tribute and submission to the AZ Empire. They provided structural support for the USD until the ECB and Euro could provide a functioning money alternative to the USD.
The ECB’s charter limits its power to maintaining price stability. To accomplish this mandate the ECB must constrain the big banks which are part of the AZ Empire’s strangle hold on Europe.
There is a battle going on to subvert the ECB which stands passively against the USD Empire. The ECB is in place so Europe can ditch the AZ Vampires and join the multipolar world proposed by the Eurasianists of the Russian Federation. The war behind the scene is the war to control Europe and many are unwitting accomplices of the AZ USD Empire.
I put Peter Konieg in this category. Most Westerners see finance and monetary affairs though the eyes of the USD which has dominated the world for seventy years. It creates a blindness to reality, similar to a goldfish’s ignorance of water.
Penelope !
Catherine Austin Fitts. Yes, she’s very intelligent and sometimes its not easy to get what she’s talking about because she assumes we know more than we do….she’s a personal friend of mine, and I can assure you she is one of the best people. She’s a former wall street investment bank manager…she was persecuted with an attempted assassination for trying to change the system when she was working in the George Bush admin…(ass.sec.of Housing and Urban Development-HUD.)
Her interviews are usually very good…UFO Economy is recent. Also Camelot Project in July/14. Greg Hunter interviews her often…USA Watchdog…
She’s really interested in the black budget…because she was witness to it while working in gov….the secret space program is something she’s very involved with, as she has tracked $40 trillion missing dollars in the bugets…and believes that this money is being used for many secret programs.
The people she works with…Joseph Farrell, Jon Rappaport, and others, are also some of the best people in our milieu … very good people. But she has her website put up for regular people who are only worried about saving their savings…she’s an investment advisor…so she’s not so “left” in appearances…but along the left side of her home page there are always new articles from all over the world, that people send her…it changes every week, and that’s where I get alot of my info from.
She’s one of the best…dedicated and sincere and highly…I mean highly eductated.
Ann
Penelope…thanks for the link to video on the ESF by Eric deCarbonnel. It makes clear the US Department of Treasury controls the Federal Reserve Bank which executes the activities of the ESF on behalf of the US Department of Treasury.
As Dick Cheney said….the financial markets are a matter of national security. The monetary affairs of the AZ Empire have been weaponized. They are currently attacking the ECB by covert financial and psychological operations, hence my critique of Peter Konieg’s attack on the ECB.
Penelope…thanks for the link to video on the ESF by Eric deCarbonnel. It makes clear the US Department of Treasury controls the Federal Reserve Bank which executes the activities of the ESF on behalf of the US Department of Treasury.
As Dick Cheney said….the financial markets are a matter of national security. The monetary affairs of the AZ Empire have been weaponized. They are currently attacking the ECB by covert financial and psychological operations, hence my critique of Peter Konieg’s attack on the ECB.
Penelope !
thanks for the link…I’ll look at it right away…this is the “black budget” that Catherine’s always talking about…
Ann said, “Hi. I think your easy use of the word shill is rather rude. I don’t think you know if Peter Koenig is a shill or not.”
Yes, I think you are right Ann….after further consideration it is my opinion Mr. Koenig is not a mere shill, but a CIA Spook. Watch Eric deCarbonnel’s documentary on the ESF, the weaponized USD, CIA, controlled media, etc. and connect some dots. The ECB stands in the way of the USD world dominance and the ESF and the CIA are engaging in a covert war on the ECB via double agent journalists.